A sub-scene within the Neo Geo collector's market involves the MVS cartridges. Although these were initially designed for arcade use, a strong market has developed around collecting this particular format. The MVS market can be divided into two distinct groups: those who are looking for cheaper alternatives to the expensive rare home carts, and those who are interested in paying premium prices for complete arcade kits.

For those interested primarily in lower prices on rare home games, MVS carts, particularly loose carts or incomplete kits, can offer a cost effective alternative. Most MVS cartridges cost substantially less than their home counterparts. This lower price can be associated with their lack of decoration as most were designed to be installed inside arcade cabinets and lack cartridge artwork or box artwork, the high set-up cost of purchasing the MVS system, and the prevalence of bootleg cartridges. Many of the most common MVS games go for prices between £15-£150.

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However, in recent years a growing market has emerged for complete MVS arcade kits. These consist of all the materials that would be initially sent to an arcade operator, including the brown cardboard shipping box (with label), the insert materials to decorate the marqee and arcade cabinet (including separate move lists), warning information, dipswitch settings, in some cases even posters and/or any packing materials. Because many of the items in an MVS kit were designed to be discarded by arcade operators, finding complete arcade kits can be difficult and thus the prices for some complete MVS kits can be quite high.

Because of the conflicting requirements and desires of the two MVS sub-groups, they rarely compete with each other for games.

Counterfeit or bootleg software is regarded in the collectors community as having zero value or very low value. Such software has a reputation for audio and video flaws, and is generally disparaged by fans of the Neo Geo systems. This software is identifiable by visual inspection of the game PCBs, or by comparison of ROM CRC values using a specially designed BIOS.